Merchant

^ Originally, one who traded with foreign countries; at present, one whose business is to buy and sell merchandise. ^ One who buys to sell again, and who does both, not occasionally or incidentally, but habitually and as a business." One who buys and sells an article; not, then, a manufacturer who sells his own productions.8 A banker is a merchant, according to both the commercial and the civil law." A commercial traveler is not a merchant: he does not sell his own goods. ^"^ Nor is a brewer; s nor an apothecary, selling liquor for medical uses; " but a hotel-keeper is, if he sells liquors, tobacco, etc., in his hotel; '" so may be the keeper of a boardiog-stable; '' but not a stock-speculator." Commission merchant. A factor, q. v. Forwarding merchant. See Forwarder. Law-merchant; law of merchants. A system of law consisting of certain principles of equity and usages of trade which geiieral convenience and a common sense of justice ' Citizens' Bank v. Nantucket Steamboat Co., 2 Story, 53-54 (1841), cases, Story, J. » Pray v. Mitchell, 60 Me. 435 (1872); Fine v. Homsby, 2 Mo. Ap. 64 (1876). 'Weston o. Mc Dowell, 20 Mich. 357 (1870); United States V. One Sorrel Horse, 22 Vt. 656 (1847). • [R. S. 1 2766. See also 6 Pet. 163; 11 Biss. 55; 40 Ind. 593; 65 Iowa, 620; 20 Pick. 13; 5 Mich. 112; 44 N. T. 305; 43 Pa. 360; 47 Wis. 616. "• L. ruercator: mei-x, traffic, merchandise. « See Thomson v. Hopper, 1 W. & S. 469 (1841). ' Commonwealth v. Natural Gas Co., 32 Pitts. L. J. 310 (1883). ' Josselyn v. Parson, 50 L. E., 7 Ex. 129 (1872). » Brown v. Pike, 34 La. An; 678 (1882). " Exp. Taylor, 68 Miss. 481 (1880). '' Anderson v. Commonwealth, 9 Bush, 571 (1873). " Campbell v. Finck, 2 Duv. 107 (1865). have established to regulate the dealings of merchants and mariners in all the commercial countries of the civilized world, i On mercantile questions, such as relate to bills of exchange and the like, in marine causes relating to freight, average, demurrage, insurance, bottomry, and others of a similar nature, the law-merchant, which is a branch of the law of nations, is followed. ^ The law-merchant was not made: it grew. Customs have sprung from the necessity and convenience of business and prevailed in duration and extent until they acquired the force of law. This mass of our jurisprudence has thus grown, and will continue to grow, by successive accretions. It is the outcome of time and experience, wlserlaw-makers, if slower, than legislative bodies. ^ The rules applicable to commercial paper were transplanted into the common law from.the law^merchant. They had their origin in the customs and course of business of merchants and bankers, and are now recognized by the courts because they are demanded by the wants and convenience of the mercantile world.* See Paper, 4.

Merchants' accounts

Within the meaning of the exception in statutes of limitations, accounts between merchants for merchandise, consisting of debts and credits, unsettled and mutual.5 See Account, 1. Merchant appraiser. See Appeaiser. Merchant vessel.

See Vessel.

Merchantable.

Vendible in market. Merchandise is vendible because of its fitness to serve its proper purpose. As applied to forage, merchantable means edible.6 The terms used In defining the word are " ordinaiy quality," " marketable quality," " bringing the average price," " at least of medium quality or goodness," "good, lawful merchandise of suitable quality," " good and sufficient in its kind," " free from any remarkable defect." ' See Custom; Makket; Merchandise; Statute-merchant.